Weāve tried proof of stake for over a century and it didnāt yield the best of resultsā¦
Discussion
Exactly. The decentralized proof of work consensus mechanism that we refer to as āminingā is the innovation that both ties bitcoin to the laws of the limited physical world and prevents any one person/entity from changing the rules of the system that govern its monetary policy and how transactions are processed. To do away with mining is to do away with bitcoin entirely.
I think part of the problem is the word āminingā. Itās really just transaction professing which happens to have a subsidy right now. We should start calling miners āblock buildersā or something which reflects their function better but that ship has probably sailed
